Cutting costs and saving money are the most common ways to save for a vacation. By shaving costs where you can and taking an advantage of opportunities to make money, you could build a nice fund for the trip of your dreams. Here are some ways to save money for a vacation.
Whether you’re saving for a vacation or just want to build up your savings account, here are a few ideas to help you save:
Short- or long-term adjustments to your housing situation can help you move money into a vacation fund. Start by making home improvements, such as replacing old light fixtures or upgrading your windows, to save on utility bills.
You can also save money for a vacation by lowering energy usage inside your home—turn off lights and increase the temperature during hotter months to lower your overall energy bill.
Credit card companies offer points or airline miles on purchases. Stockpiling these rewards can come in handy when you’re planning for a vacation.
For example, earning enough airline miles could give you a free flight or a vacation at a significant discount.
Aside from saving on housing hosts and using your credit card, here are some additional tips to save money for vacation:
By sacrificing a few weekends outside of normal work hours, you could potentially bring in the income needed for a vacation. With 15% of American adults using rideshare companies, such as Uber and Lyft, there’s a big market for extra income as a driver.
Many adults also pick up seasonal jobs to get some additional cash. Many companies hire thousands of seasonal workers around the holidays, so if you’re planning a spring vacation, getting a job around the holidays may not be such a bad idea.
Selling some of your never- or seldom-used items can put money back in your pocket, with an added bonus of cleansing your home of things you don’t need. Get rid of clothes on apps such as Poshmark or Vinted, or think about holding a garage sale.
The smartest way to fund a vacation is to take some time to build a fund specifically for the trip. Utilizing a dedicated savings account for a vacation allows you to keep a keen eye on your budget so you can track the vacation’s actual cost and not “mix your money.”
If you’re looking for ways to save money for vacation, Synchrony Bank has a variety of award-winning savings accounts that can help make your vacation a reality. Our high yield savings accounts don’t have a minimum balance or monthly service fees, so you’ll be able to start your vacation fund on your terms without any hassle.
Call Synchrony Bank at 844-345-5789 or open a savings account to start saving for your vacation today.
Penny Hoarder: www.thepennyhoarder.com/smart-money/home-improvements-will-save-hundreds-dollars-year/
Pew Research Center: www.pewinternet.org/2016/05/19/the-new-digital-economy/
USA Today: www.usatoday.com/story/money/2017/09/20/ups-and-fedex-hire-thousands-holiday-season/686495001/
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/24/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.